Casino gambling is a different form of entertainment than a movie in that
A. you can get your money back at a casino if you do not have fun.
B. you sometimes leave a casino with less money than you came in with.
C. you sometimes leave a casino with more money than you came in with.
D. they are not different at all.
Answer: C
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Marginal revenue product falls as more labor is hired because
A) the price of the product must fall for a perfectly competitive firm to sell more. B) the marginal product of labor is negative as additional units of labor are hired. C) the wage rate rises as more workers work more hours. D) the marginal product of labor falls as a result of the law of diminishing returns.
A competitive equilibrium
A) is always economically efficient. B) is efficient only if there is an externality. C) is economically efficient only given some special conditions. D) does not exist without government taxation.
It is correct to state that a society which is on its production possibilities curve is
A) underutilizing is resources. B) technologically inefficient. C) consuming too much output. D) fully utilizing its productive resources.
In the above graphs a direct relationship is shown by
A) Graph A. B) Graph B. C) Graph C. D) Graph D.